Forthcoming residential conversions for Downtown neighborhoods
At one of the first Landmarks Preservation Commission hearings of 2026, commissioners reviewed an application for exterior changes to 139 Franklin Street, an industrial building in the Tribeca West Historic District, in preparation for a residential conversion. According to a presentation, designer Rawlings Architects and developer Broad Street Development seek to to remove rear fire escapes and existing elevator bulkheads, create a new wall with windows at the rear facade, and create a new rooftop terrace. The project also calls for restoring the existing brick, windows, and canopy.
Renderings in the presentation show the building looking a little spiffed up, but no visible bulkhead or glaringly obvious changes. Landmarks was largely supportive of the modifications, finding that they would not detract from the historic character of the Tribeca West Historic District, and unanimously voted to approve them.
In this article:
Current conditions at 139 Franklin Street (Rawlings Architects for Landmarks Preservation Commission)
Rendering of condo conversion
The approval came at a time when Downtown deals reached new highs in 2025 and apartments in neighborhoods like Soho, Tribeca, and the Village regularly rank among New York City's highest-priced sales. But owing to the protections imposed by historic districts, new construction is limited in Downtown Manhattan. This has the effect of creating a housing shortage and driving prices up. In the West Village, a penthouse at garage-turned-boutique condominium 125 Perry Street is asking $85 million in the most expensive Downtown listing on the market as of this writing, and behind a handful of Billionaires' Row condos as the most expensive listing in New York City.
125 Perry Street, #PHE (Compass)
The City Council approved a rezoning plan for Soho and Noho to bring 3,000 new housing units, 900 of which would be affordable, to two coveted Downtown neighborhoods in late 2021, and work is indeed underway on some new projects, but maybe not at the pace some would have hoped for. Additionally, Village Preservation has accused two forthcoming projects, a boutique condo conversions at 43 Bleecker Street and a single-family townhouse conversion at 142 Greene Street, of violating the affordable housing agreement in the rezoning because these projects' developers opted to contribute to an affordable housing fund rather than include on-site affordable units.
Owing to the difficulties related to new construction, developers and designers often look to convert existing Downtown buildings to residential use rather than erect new ones. It is anecdotally easier to get Landmarks' permission for such a venture than for new construction, and even the staunchest preservationists can be somewhat assuaged by the restoration of original architectural elements amidst a residential conversion.
85 Worth Street (Douglas Elliman)
Moreover, when a formerly industrial or commercial building goes residential, original features like high ceilings, oversized windows, columns, and/or exposed beams are often preserved, resulting in interiors with more character than a new construction white box. A case in point may be found at 85 Worth Street, a newly converted boutique condominium in Tribeca where closings recently began. A floor-through loft with cast iron columns, wood beams, and state-of-the-art technology had the top Downtown closing of last week.
Below, we look at forthcoming residential conversions of industrial and commercial buildings in Downtown neighborhoods (defined here as below 34th Street). And for those who want to move Downtown sooner than many of these projects will be completed, we also present a selection of converted Downtown buildings open for immediate occupancy.
Forthcoming Downtown Conversions
Original architect: Francis Kimball | Completed in 1914
Conversion developer: RXR Realty
Conversion architect: CetraRuddy Architects
32 stories | 21 units
Anticipated occupancy: 2027
61 Broadway (By Gryffindor - Own work, CC BY-SA 3.0, https://commons.wikimedia.org/w/index.php?curid=10218384)
At the time of 61 Broadway's completion, it was the seventh-tallest building in Manhattan. The building was long known as the Adams Express Building in honor of its longtime tenant, an investment company that is one of the oldest on the New York Stock Exchange, and Chase National Bank leased the entire ground floor.
Developer RXR Realty bought the building for $330 million in June 2014, and most recently filed permits to convert the ninth floor to residential units in January 2026. CetraRuddy Architects is listed as the designer of record, and amenities are to include a lounge and bike room. There is no word on plans for the rest of the building.
14 Maiden Lane, Financial District
Original architect: Gilbert A. Schellenger | Completed in 1894
Conversion developer: Diamond Lane LLC
Conversion architect: Morali Architecture
10 stories | 9 units
Anticipated occupancy: Mid-2026
During its time as the Diamond Exchange, the massive bay windows at 14 Maiden Lane provided abundant natural light for the diamond dealers inside, and interiors featured reinforced flooring to support heavy jewelry safes. As the building gears up for a residential sales launch, those same features are expected to set the building apart in a crowded Financial District market. Interiors are set to feature high ceilings, European white oak chevron flooring, open kitchens with stainless steel appliances, primary baths with steam showers, and in-unit Bosch washers and dryers. The penthouse will have a private roof terrace with outdoor kitchen and pergola.
Residents will arrive to a lobby with a historically significant chandelier and a secure package room. The building is a short distance from the Fulton Street transportation hub, allowing for convenient commutes all over Manhattan and Brooklyn. But between City Hall Park, Seaport dining and shopping, Wall Street offices, the first Printemps department store in the United States, and the Financial District's first Whole Foods, there is much to offer close to home.
Original architect: Henry Anderson | Completed in 1898
Conversion developer: CNY Group
Conversion architect: TBD
6 stories | 10 units
Anticipated occupancy: 2027
Over its extensive history, 143 Franklin Street has been home to salvage companies, the glass manufacturer that repaired the Statue of Liberty's torch following a 1916 explosion, the Independent Starch Company, and Lan Yik Foods (h/t Tribeca Citizen). In December 2024, developer CNY Group bought the building with the intention of a residential conversion. Foundation work permits were filed in early 2026, but the project is still in early stages.
Original architect: Maynicke & Franker | Completed in 1909
Conversion developer: Broad Street Development
Conversion architect: Rawlings Architects
10 stories | 18 units
Anticipated occupancy: 2027
Rendering of 139 Franklin Street (Rawlings Architects for Landmarks Preservation Commission)
In 1909, the 10-story building at 139 Franklin Street rose on the former site of a Gothic Revival structure that served as the home of the Fourth Associated Reformed Church (h/t Tribeca Citizen). It quickly attracted attention for its ornate terra cotta facade and neo-Renaissance elements, elements that set it apart in what is now the West Tribeca Historic District. Food importing business Strohmeyer & Arpe Company set up shop there, and the building most recently served as a storage facility.
The residential conversion of 139 Franklin Street is the first in a series of residential buildings that developer Broad Street Development will redevelop under a new Broad Street Bespoke brand. Permits for the interior conversion have not yet been filed, but all levels currently have 13' ceilings and oversized windows that will translate well to a residential setting. Additionally, a Broad Street Development executive quipped to The Real Deal that its previous use as a storage facility means it will have strong floors.
Completed in 1931
Conversion developer: Alf Naman Real Estate
Conversion architect: Ismael Leyva Architects
5 stories | 8 units
Anticipated occupancy: 2026
125 Perry Street (Compass)
The small handful of condos of 125 Perry Street include two townhouse units and two penthouse units, and all apartments feature modern living spaces designed by Leroy Street Studio. They are housed in a prewar building that kept its industrial facade with parking garage signs amidst the residential conversion. An architect and broker for the project note that this likely makes it attractive to high-profile figures who determine a building's livability by how difficult it is for paparazzi to find them.
125 Perry Street is located on a Belgian block street near Hudson River Park's Pier 45 and 46, acclaimed West Village dining, and many historic sites. Building amenities include a private driveway, an attended lobby, a fitness center with cardio and strength equipment, and a sports court.
Original architect: Benjamin E. Lowe | Completed in 1889
Conversion developer: Minetta Lane Owners
Conversion architect: Morris Adjmi Architects
6 stories | 21 units
Anticipated occupancy: 2028
Rendering of 128 West 3rd Street (Morris Adjmi Architects for Landmarks Preservation Commission)
In March 2025, Landmarks voted to approve a rooftop addition, a new rear facade, new and enlarged windows, and other alterations necessary to convert 122-128 West 3rd Street, a red brick stable turned parking garage, to residential use. More recently, permits filed in January 2026 show that the building is to contain 21 residential units, two of which will be duplexes, and amenities that include private storage and a rooftop terrace. The project will also include on-site parking for eight vehicles, but is located a short distance from the West 4th Street subway stop.
Present conditions at 128 West 3rd Street
Original architect: Ralph S. Townsend | Completed in 1896
Conversion developer: DLJ Real Estate Capital Partners
Conversion architect: ADB Associates
7 stories | 11 units
Anticipated occupancy: 2027
43 Bleecker Street (ADB Associates for Landmarks Preservation Commission)
In July 2025, Landmarks approved alterations to Noho store building 43 Bleecker Street in preparation for a residential conversion. These included replacing a storefront infill, building a barrier-free access ramp, and building a rooftop addition that Landmarks found to be highly unobtrusive, consistent with other additions in the Noho East Historic District, and not detracting from the Classical Revival style building.
The project is set to feature ground-floor retail and 11 residential units, most likely luxury condos, on top. It is located in close proximity to Nolita dining, Soho shopping, Lower East Side nightlife, the Houston Street Whole Foods, and the Broadway-Lafayette Street subway stop.
Luxury condominiums do not typically include affordable rental units in the same building, and 43 Bleecker Street will be no exception. But in August 2025, the developer arranged to make a contribution to the affordable housing fund instead of building on-site affordable units.
Planned entrance to 43 Bleecker Street (ADB Associates for Landmarks Preservation Commission)
220 East 9th Street, East Village
Completed in 1926
Conversion developer: Arcus Development
Conversion architect: Colberg Architecture
7 stories | 18 units
Anticipated occupancy: Mid-2026
Rendering of 220E9 (Plomp)
A short distance from Astor Place, a five-story parking garage is being expanded into a seven-story condominium with a red brick facade and oversized factory-style windows. An offering plan approved in November 2025 states that prices will start at $1.2 million for one-bedrooms, $3 million for two-bedrooms, $3.6 million for three-bedrooms, and $6.95 million for penthouses. Seven of the 18 planned units (including the penthouses) will have private terraces, and all interiors are to feature high concrete ceilings, custom oak-finished kitchens with appliances by Cove, Wolf, and Sub-Zero, in-unit laundry, and hand-crafted details throughout.
Residential amenities will include bike storage, a laundry room with commercial-grade machines, a fitness center with sauna, a lounge, and a dog washing station. Parking and storage will be available for an additional fee. Another perk is its East Village address near Noho shopping and dining, New York University's main campus, popular restaurants including those in Little Ukraine and Little India, a Wegmans supermarket, and the 6, R/W, and L trains.
Original architect: Charles Volz | Completed in 1910
Conversion developer: CIM Group
Conversion architect: Morris Adjmi Architects
12 stories | 11 units
Anticipated occupancy: Early 2027
Rendering of 67 Irving Place (Reuveni Development Marketing)
A few blocks south of Gramercy Park, 67 Irving Place served as an office for many years, most recently as a WeWork outpost with Bedford Cheese Shop in the base of the building. But in 2017, developer CIM Group purchased the building for $44 million and filed permits to convert the interiors to 11 floor-through luxury condos with abundant natural light and optimal privacy. Renderings show that the building's light gray brick facade and Beaux Arts-style ornamentation are being carefully restored amidst the residential conversion.
Information is not yet available on residential amenities. However, Danny Meyer's Italian trattoria Maialino, which formerly operated out of the nearby Gramercy Park Hotel, will occupy the ground-floor restaurant space; the building is located near several other acclaimed restaurants. Those who prefer to cook at home will benefit from close proximity to Whole Foods, Trader Joe's, and the Union Square Greenmarket.
175 Fifth Avenue, Flatiron District
Original architect: Daniel Burnham | Completed in 1902
Conversion developers: The Brodsky Organization and The Sorgente Group
Conversion architect: SLCE Architects
24 stories | 38 units
Anticipated occupancy: 2026
More than 120 years after the iconic triangular building at Fifth Avenue and 23rd Street opened as office space, the Flatiron Building is among the best known and most anticipated office-to-residence conversions in New York City. Following an auction in spring 2023, developers The Brodsky Organization and The Sorgente Group announced plans to convert the interiors to luxury residences.
The Flatiron Building's Beaux Arts facade was meticulously restored amidst the condo conversion, and construction workers discovered a hidden terrace on the 18th floor. Interiors by Studio Sofield feature enormous Great Rooms, separate kitchens with high-end appliances, and primary suites with dressing rooms and luxurious en suite baths.
Residential amenities will include a swimming pool with hot tub and cold plunge, fitness center, bike room, package room, lounge, game room, and dining room with kitchenette. Private storage is available for purchase, as are six wine storage units. The Flatiron Building is located across the street from Madison Square Park and in close proximity to Eataly, popular local dining, Fifth Avenue shopping, and public transportation.
Flatiron Building (CityRealty)
114 East 25th Street, Flatiron District
Completed in 1921
Conversion developer: Adellco
Conversion architect: Andre Kikoski Architect
14 stories | 20 units
Anticipated occupancy: 2026
Armorie (Adellco)
Over the past century, the Beaux Arts building across the street from the 69th Street Regiment armory on East 25th Street has served as a publishing house and a WeWork outpost. Most recently, its brick facade and keystone accents were carefully restored amidst the building's conversion to a boutique condominium with amenities like an attended lobby, a package room, a fitness center, bike storage, and a roof terrace with dining and lounging areas. All one- to four-bedroom units feature high ceilings, wide-plank oak floors, kitchens with integrated Miele appliances, and marble primary baths.
In April 2025, shortly after Armorie's first listings went live, all 20 units plus the commercial space entered contract with one buyer for an asking price of $71 million. Adellco CEO Matthew Adell told CityRealty that the buyer initially negotiated for a group of apartments, but he convinced them that the entire building would be consistent with their investment vision.
Original architect: Walter Haefeli | Completed in 1927
Conversion developer: Elad Group
Conversion architect: Hill West Architects
20 stories | 107 units
Anticipated occupancy: Early 2027
In August 2024, developer Elad Group bought the Class C office building at 419 Park Avenue South, on the southeast corner of East 29th Street, for $72 million with plans for a condo conversion. A spokesperson for Walter & Samuels, the building's seller, told Crain's New York Business that the spectacular views made the building a prime candidate for residential conversion, and its central location where NoMad meets Midtown will also be attractive to buyers.
According to permits filed in January 2026, there will be no more than seven apartments per floor. Residential amenities are set to include a package room, bike storage, private storage, a fitness center, a spa area with sauna and steam room, a social lounge, a children's playroom, and a roof terrace.
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95 Madison Avenue
Original architect: Barney & Colt | Completed in 1902
Conversion developer: Sunlight Development
Conversion architect: FXCollaborative
16 stories | 65 units
Anticipated occupancy: 2027
In March 2018, the limestone office building at 95 Madison Avenue was designated a New York City Landmark. It dates back to the early 20th century, when it was constructed as an office building with a penthouse on top for prominent gynecologist Dr. Thomas Addis Emmet.
In July 2024, Landmarks approved adaptive reuse designs for the building in anticipation of the residential conversion. The historic facade will be carefully restored to its original glory, and the interiors will feature nearly 20,000 square feet of retail space and 65 residential units on upper levels with no more than seven units per floor (per Department of Buildings permits).
Top 10 Downtown Conversions
Original architect: H.I. Feldman | Completed in 1941
Conversion architect: COOKFOX | Converted in 2013
42 Units | 14 Floors
"This is a very elegant pre-war, mid-block apartment building with Art Deco touches on an excellent tree-lined street in Greenwich Village" – Carter Horsley
130 West 12th Street (Douglas Elliman)
130 West 12th Street dates back to 1941, when it was built as part of the St. Vincent's Hospital complex. Decades later, amidst its conversion to residential, the Art Deco facade was beautifully restored by COOKFOX and brought up to LEED Gold certification standards. Residents enjoy access to the services and amenities of the nearby Greenwich Lane complex, which include a state-of-the-art fitness center, an indoor lap pool, a spa area with hot tub and sauna, and a high-tech sports simulator.
130 West 12th Street, #9A (Serhant)
Completed in 1912
Conversion architect: Gottesman Szmlecman Architecture | Converted in 2013
35 Units | 12 Floors
"Bold, notable and interesting 'Darth Vader' sculpting that transforms a bland factory structure into a "sock-it-to-me" raven's architectural aerie" – Carter Horsley
90 Morton Street
Over 100 years after 90 Morton Street was constructed as a printing factory, it has been expanded and converted to a boutique condominium. The multi-pane windows honor the building's industrial past while filling the apartments inside with abundant natural light. Apartments on the eighth floor and higher enjoy private outdoor space, and all residents have access to amenities like a state-of-the-art fitness center, spa pool, library lounge, and rooftop terrace.
Original architect: Murgatroyd & Ogden | Completed in 1927
Conversion architect: Robert A.M. Stern Architects | Converted in 2013
16 Units | 18 Floors
"Another smashing success for the Zeckendorf/Stern team with large apartments overlooking Manhattan’s only private, and very charming, park" – Carter Horsley
18 Gramercy Park South (CityRealty)
The Georgian Revival-style building at 18 Gramercy Park South has come a long way from its humble origins as a Salvation Army residence. Zeckendorf Development intentionally chose the building for its proximity to Gramercy Park, and residents of the floor-through apartments inside receive keys to Gramercy Park. They also enjoy white-glove service, a spa and fitness center, and a rooftop club room with terrace access.
Original architect: Schwartz & Gross | Completed in 1913
Conversion architect: Helpern Architects | Converted in 2016
48 Units | 24 Floors
"An elegant. Neo-Gothic style office building overlooking Madison Square Park" – Carter Horsley
212 Fifth Avenue
When the office-turned-condominium at 212 Fifth Avenue was first being marketed, it was described as "the city's most powerful address" for its Fifth Avenue address and street number matching the original Manhattan area code. The ornate Neo-Gothic facade was carefully restored, and designer Pembrooke & Ives added windows while converting the interiors to luxurious apartments that make the most of views of Madison Square Park and the Manhattan skyline. Amazon founder Jeff Bezos owns over $96 million worth of real estate in the building, including the penthouse.
212 Fifth Avenue, #16B
$8,900,000 (-6.3%)
Flatiron/Union Square | Condominium | 3 Bedrooms, 3.5 Baths | 3,078 ft2
212 Fifth Avenue, #16B (Coldwell Banker Warburg)
Original architect: Frederick Dinkelberg | Completed in 1897
Conversion architect: SLCE Architects | Converted in 2022
13 Units | 11 Floors
67 Vestry Street
It may be possible to track Tribeca's evolution through the building at 67 Vestry Street. It was constructed as a warehouse for the A&P in the late 19th century, converted to artists' loft space that attracted the likes of Andy Warhol, and was later converted to a luxurious condominium with half- and full-floor residences. Residents enjoy unobstructed views of the Hudson River and amenities like a fitness center, a 50-foot lap pool, and a residents' lounge.
67 Vestry Street, #TH (Corcoran Group)
421 Broome Street
Original architect: Griffith Thomas | Completed in 1873
Conversion architect: Rogers Marvel Architects | Converted in 2011
4 Units | 6 Floors
"One of the most handsome, cast-iron loft buildings in SoHo" – Carter Horsley
The Tulip Building (CityRealty)
Throughout its extensive history, the building at 421 Broome Street has served as the offices of the New York City Board of Education, a typewriter manufacturer, and an art gallery before going residential in the early 2000s. Academy Award-winning actor Heath Ledger was among the building's past residents, and it was later converted to a boutique condominium. Since then, the building broke its own sales record with a $49 million closing in November 2021.
607 Hudson Street
Original architect: Ralph S. Townsend | Completed in 1906
Conversion architect: FLANK | Converted in 2013
10 Units | 7 Floors
"Very large apartments in a very elegant Georgian-style building overlooking Abingdon Park" – Carter Horsley
The Abingdon (CityRealty)
The Georgian-style building on the southwest corner of Hudson Street and West 12th Street was constructed as housing for young working women in 1906, and later converted to The Village Nursing Home. In the present day, the red brick facade and eye-catching architectural details were preserved amidst the interiors' conversion to sprawling condominiums with grand-scale living space. Amenities at this full-service building include a fitness center, a sauna, and private storage for each residence.
Original architect: Charles Haight | Completed in 1882
Conversion architect: CetraRuddy Architects | Converted in 2014
53 Units | 7 Floors
"A gorgeous 19th century, red-brick industrial building in the north part of Tribeca" – Carter Horsley
443 Greenwich Street
The red brick building at 443 Greenwich Street was constructed as a book bindery warehouse in 1882, and would go on to house several other companies before its residential conversion in 2014. Arched windows fill the apartments with light, and interior details like exposed columns and beams were preserved during the conversion. The attractive apartments, desirable Tribeca neighborhood, resort-style wellness and social amenities, and underground parking garage that allows for discreet arrivals and departures have made it popular among celebrities.
443 Greenwich Street, #PHD (Compass)
212 West 18th Street
Original architect: Ralph Walker | Completed in 1929
Conversion architect: CetraRuddy | Converted in 2012
47 Units | 22 Floors
"Chelsea's finest Art Deco building" – Carter Horsley
Walker Tower (CityRealty)
212 West 18th Street was constructed as a telephone switching station in 1929 and designed by Ralph Walker. Nearly 100 years later, it has been converted to a condominium named in honor of the "architect of the century," though not at the expense of its grills, mullions, setbacks, and other quintessentially Art Deco design details. The height of the building allows for impressive skyline views, and amenities include doorman and concierge service, a library lounge, a fitness center with yoga room, and a landscaped common roof deck with a dining area, sun lawn, and covered cabana room.
Walker Tower, #PH2 (DGSIR Realty)
293 Lafayette Street
Original architect: Albert Wagner | Completed in 1885
Conversion architect: PKSB Architects | Converted in 2014
6 Units | 9 Floors
"One of the city's grand 19th Century buildings" – Carter Horsley
The Puck Penthouses (CityRealty)
The Romanesque Revival-style red brick building at 293 Lafayette Street was constructed as the publisher of Puck, one of the first humor magazines in the United States, in the late 19th century. It housed several other magazines, including Spy, before its facade renovation and penthouse addition in 2011. Most recently, a penthouse in the building set a sales record for Nolita in January 2022 that still stands, and penthouses in the building account for the majority of Nolita's highest-priced sales.
Listings in converted Downtown buildings
The Broad Exchange Building, #10K
$875,000 (-1.7%)
Financial District | Condominium | 1 Bedroom, 1 Bath | 779 ft2
The Broad Exchange Building, #10K (Serhant)
93 Worth Street, #405 (Compass)
517 West 29th Street, #2E (Living New York)
101 Wall by the Water, #4B
$1,875,000
Financial District | Condominium | 2 Bedrooms, 2.5 Baths | 1,512 ft2
101 Wall by the Water, #4B (Compass)
133 Mulberry Street, #4C
$2,000,000 (-7%)
NoLiTa/Little Italy | Condominium | 2 Bedrooms, 2 Baths | 1,384 ft2
133 Mulberry Street, #4C (R New York)
One Wall Street, #1707 (One Wall Street Sales LLC)
Rutherford Place, #542
$2,710,000 (-6.2%)
Gramercy Park | Condominium | 3 Bedrooms, 3 Baths | 2,048 ft2
Rutherford Place, #542 (Weichert Properties)
325 Bowery, #3 (Compass)
One Hundred Barclay Tribeca, #13K
$3,595,000
Tribeca | Condominium | 3 Bedrooms, 3.5 Baths | 2,248 ft2
One Hundred Barclay Tribeca, #13K (Compass)
The Story House, #3A
$4,195,000 (-13.5%)
Flatiron/Union Square | Condominium | 3 Bedrooms, 3 Baths | 2,166 ft2
The Story House, #3A (Sothebys International Realty)
Paperbox Building, #6 (Compass)
250 West Street, #8H (Corcoran Group)
The Woolworth Tower Residences, #41B
$5,790,000 (-1.7%)
Tribeca | Condominium | 2 Bedrooms, Unknown Baths | 2,548 ft2
The Woolworth Tower Residences, #41B (Sothebys International Realty)
108 Leonard, #12N (Douglas Elliman Real Estate)
10 Madison Square West, #12D
$12,450,000
Flatiron/Union Square | Condominium | 4 Bedrooms, 4.5 Baths | 3,309 ft2
10 Madison Square West, #12D (Compass)
78 Irving Place, #PH
$19,750,000 (-13.2%)
Gramercy Park | Condominium | 5 Bedrooms, 5 Baths | 6,630 ft2
78 Irving Place, #PH (Compass)
The Katharine, #PH (Compass)
Would you like to tour any of these properties?
Just complete the info below.
Or call us at (212) 755-5544
Would you like to tour any of these properties?
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